The Greater Noida Authority has announced a substantial increase in one-time property rent across all property categories, effective post-September 15. This move impacts residential, industrial, commercial, IT, and institutional properties For residential properties, the current one-time rent stands at 11% of the total property premium. For instance, a residential property valued at INR 10 lakh incurs an annual rent of INR 10,000.
If paid before the deadline, the one-time rent will be INR 1.1 lakh. After September 15, this will rise to INR 1.5 lakh, reflecting a 15-fold increase in annual rent. Commercial properties face similar changes. The monthly rent for a commercial space valued at INR 10 lakh is INR 25,000. The one-time payment, if made before the cut-off date, will be INR 2.75 lakh. Post-September 15, this amount will surge to INR 3.75 lakh, representing a 37.5% increase in relation to the total premium.
This decision was ratified during a board meeting on June 15, with an official notification released on July 31. The new rates apply to any new leases issued from June 15 onwards, while those who have already completed their payments will not be affected by the increase. The Greater Noida Authority, which collects over INR 400 crore annually from lease fees, uses these funds to finance various development projects, including land acquisition and infrastructure improvements. The CEO has urged property owners to settle their payments before the rate hike to avoid the higher charges.
In addition to the rent increase, the Greater Noida Industrial Development Authority (GNIDA) has sanctioned a 5.30% rise in land allocation rates for the financial year 2024-25. Key development projects in Greater Noida and Greater Noida West include the Greater Noida West Metro, a Multimodal Logistics Hub, and a Transport Hub. This rate adjustment is expected to influence real estate transactions and investment decisions in the region, as the Greater Noida Authority continues to drive significant urban development
